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Definition of ‘Bet’: Technically speaking, a ‘bet’ is an agreement between two parties that the one who makes an incorrect prediction about an uncertain outcome will forfeit something stipulated to the other – a wager.
Betting is all about risking something, usually a sum of money, against the money of someone else based on the outcome of a future event, such as the result of a race or other competitive event.

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What Does Over/Under Mean? With over/under betting, the first thing to understand is that you are betting in relation to the number of goals scored in the game. It doesn’t matter which team scores the goals or even who wins.
You just take the number of goals scored by each of the teams and add them together to get the total goals scored during the game.
The simplicity of this bet is what makes it such a common wager.
When you place an over/under bet, you have to choose two things:
What “goal line” you want to bet, and
Whether you bet that the total goals scored in the game will end over or under that goal line.
It doesn’t matter how close the result is to the goal line either, the bet pays the same whether the end result is close to the bet’s goal line or far away.